LAWRENCEBURG, Ind., Oct. 13 /PRNewswire-FirstCall/ -- DSA Financial Corporation (BULLETIN BOARD: DSFN.OB) announced its financial results for the first quarter of fiscal 2007. For the quarter ended September 30, 2006, the Company recorded net earnings of $165,000 or $0.10 per share. In the quarter ended September 30, 2005, the Company reported net earnings of $195,000, or $0.12 per share.
The quarter-to-quarter decrease in earnings was attributed primarily to a $26,000, or 3%, decrease in net interest income and a $33,000, or 6%, increase in general, administrative and other expense, which were partially offset by a $14,000, or 16%, increase in other income and a $23,000, or 20%, decrease in income tax expense.
DSA Financial reported total assets of $106.7 million at September 30, 2006, total liabilities of $89.6 million, including deposits of $78.7 million and total stockholders' equity of $17.1 million.
In addition, Edward L. Fischer, President and Chief Executive Officer of DSA Financial, announced today that the Company's board of directors has declared a dividend on its common stock of $0.105 per share. The dividend is payable on November 9, 2006 to stockholders of record as of October 27, 2006.
DSA Financial Corporation is the holding company for Dearborn Savings Association, F.A., a federally chartered savings association headquartered in Lawrenceburg, Indiana. Dearborn Savings operates through its main office and one branch office.
DSA Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
(Unaudited)
September 30, June 30,
ASSETS 2006 2006
Cash and cash equivalents $2,170 $2,408
Investment securities 4,842 4,808
Loans receivable 91,871 88,477
Other assets 7,798 7,381
Total assets $106,681 $103,074
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $78,656 $76,412
Advances from the FHLB 9,000 8,000
Other liabilities 1,934 1,417
Total liabilities 89,590 85,829
Stockholders' equity, net 17,091 17,245
Total liabilities and stockholders'
equity $106,681 $103,074
DSA Financial Corporation
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
(Unaudited)
Three months ended
September 30,
2006 2005
Total interest income $1,563 $1,269
Total interest expense 826 506
Net interest income 737 763
Provision for losses on loans 15 7
Net interest income after provision for
losses on loans 722 756
Other income 99 85
General, administrative and other expense 564 531
Earnings before income taxes 257 310
Income taxes 92 115
NET EARNINGS $165 $195
EARNINGS PER SHARE - basic and diluted $.10 $.12
